How Missing Payroll Deadlines Can Cost You Customers
Managing payroll is one of the most important considerations any business needs to make. Paying staff late can have a number of knock-on effects that pose the risk of seriously affecting your business - from destroying staff morale, to damaging your business reputation, to even directly costing you customers.
The Knock-On Effect
Primarily, paying staff late is a certain way to demolish the morale of your employees. If staff haven't been paid on time, they begin to feel unappreciated, and when staff feel unappreciated it leads to them putting in less effort. Even if it was an honest mistake that caused the delay in payment, it can have a very real impact on the relationship you have with your employees.
This, in turn, affects the way your business is presented. Unhappy staff present a poor image to customers, and the quality of their service is naturally going to reduce as they become more disaffected. This means that customers are going to choose to shop somewhere else, where staff are happier and encouraged to provide a better quality of service.
Customers aren't going to want to spend their money with you if the perception is that you don't treat your staff properly. A blow to your brand image can be extremely costly in terms of lost sales, and almost impossible to recover from.
Losing Staff And Reputation
It's possible that if you make one mistake, staff will be unhappy but willing to give you a second chance to rectify the issue. If the problem was down to inherent mistakes in the way you handle your payroll, however, you'll find that you run the risk of seriously alienating your staff.
Ultimately, staff are going to go where they have the best opportunities. If you continue to make mistakes with their pay, employees are going to soon find work with your competitors, which can leave you short-staffed. If rumours circulate, you may also find it difficult to attract quality applicants for your jobs.
Avoiding The Risk
When it comes to payroll, you don't even want to risk your business needing to face the consequences of missing or delaying staff payments. An efficient and reliable payroll system is the backbone of any business.
To learn more about the importance of payroll, and how you can implement a dependable payroll system into your business, contact the specialists at eSlip Payroll Services today.
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